Total U.S. mortgage delinquencies, excluding foreclosures, increased to a record high 9.8 percent, representing a month-over-month increase of 5.5 percent and a year-over-year increase of 21 percent based on data as of Nov. 30, Lender Processing Services Inc. said.
Scary, Very Scary!!!
The Treasury department is now committed to support Fannie Mae and Freddie Mac with as many billions of dollars as is necessary to get them through the next few years. There'll be no limit whatsoever anymore.
the Obama administration is writing a blank check, the significance of the move for real estate is potentially huge, for several reasons.
Fannie and Freddie provide funding for well over half the U.S. mortgage market -- making home sales and purchases possible for hundreds of thousands of consumers.
The fact that the two companies have an explicit, full faith and credit backstop from the U.S. Treasury means that Fannie and Freddie can borrow in the capital markets at more favorable rates. Those lower costs of capital can then be passed along - at least in part - to home loan borrowers in the form of lower interest rates.
Finally, a key reason for the policy change - which also included permission for the firms to retain larger mortgage-asset portfolios - is to help Fannie and Freddie provide deeper loan modification assistance to greater numbers of seriously troubled borrowers.
Both companies are now expected to reach out and offer loan principal forgiveness to delinquent and underwater home owners - something that the current Obama loan modification program does not permit.
With the huge backlog of homes in the pipeline ready to be foreclosed -- this sure could help with
stabilizing supply and demand in the resale market!
Arizona had Home Building construction jobs while Michigan built cars!
Some of the jobs lost during the recession could be gone forever, and others likely won't be replaced until at least 2014.
Many of the jobs shed during the downturn won't be coming back at all because:
• Employers are getting used to productivity levels with fewer workers.
• More jobs - especially in the manufacturing, financial and business service sectors - are being outsourced to offshore locations with cheaper labor.
Arizona will come back because people still want to move to and live in our beautiful State!
Excellent blog Alan. Thanks for the info because many realtors are new to blogging they need to know what they say is on record and NEEDS TO BE CORRECT!!
Many time, over the last few years, in my experiences on Trulia and Zillow, someone will ask the question of we Realtors "What's the standard commission in your area?"
Most of the time, good agents jump in and state: "There is no 'standard', real estate commissions are negotiable"... and go on to expound on the value of finding a good Realtor, and not allowing the commission to be your largest criteria in selecting a Realtor. We can go into more of that, but that's a different post than this one.
Almost without fail, at some point or another on that thread, some idiot Realtor will say... "standard commissions in our area are 6%, but I'll do it for 5%, call me!!" or "everyone in our area charges 5%". A few of us will try to explain to them that even the discussion of commission amounts, in public (and social media IS public) is a violation of Sherman anti-trust laws, and we inevitably get into a heated discussion over whether indeed that's true or not. In some of those conversations, I've been told by Realtors who've been in the business for a long time (so, what I'm saying there is ... not some "newbie")... that I don't know what I'm talking about... that we're just talkin' in generalities... and there's nothing wrong with that.
One agent went so far as to tell me that he'd been playing in the Sherman Anti-trust sandbox for 32 years, and he knew it better than I did...so basically shut-yer-pie-hole.
Well, in a fairly recent "thread that wouldn't die", we had that same hackneyed conversation (deja vu, deja vu, deja vu vu). But this time, one of the Trulia regulars (a non-Realtor) decided that he would find out the truth, and sent a copy of the conversation off to a Washington advocacy group. They, in turn, turned it over to the Department of Justice, who contacted him by phone, confirmed that it was an illegal discussion, and asked a lot of pointed questions... (including the url for the conversation) and are now monitoring.
I imagine there will be handful of interesting phone calls to managing brokers. What you say on a social media website, especially as a professional Realtor, is there forever (and ever and ever)... make sure that what you say is correct, and legal.
ALAN MAY, Realtor®
Specializing in Evanston Real Estate and North Shore Real Estate
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Coldwell Banker Residential Real Estate, 2929 Central Street, Evanston, IL 60201
847.425.3779 Cell: 847.924.3313 Email: Almay@aol.comEvanston Real Estate, Evanston Realtor, Evanston Buyers, Evanston Sellers
North Shore Real Estate, North Shore Realtor, North Shore Buyers, North Shore Sellers
Evanston Homes for Sale • Evanston Buyers • Evanston Sellers • North Shore Homes for Sale • North Shore Buyers • North Shore Sellers
I have 2 recent short sales submittedto BofA some 60 days ago and still no negotiator?? I also have a case where they approved a short sale and according to them had the foreclosure on hold while the short sale was worked but they failed to notify the attorney who foreclosed anyway!
I have escalated this file to the President's office and a senior negotiator is working on rescinding this foreclosure and 45 more days have passed!
BofA please tell us how we can help you approve short sales in a timely manner.
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